Enovix Stock Pops On Mixed Q4 Earnings: Key Metrics From The Quarter
Portfolio Pulse from Adam Eckert
Enovix Corp (NASDAQ:ENVX) reported Q4 revenue of $7.38 million, surpassing estimates of $3.37 million but had an adjusted loss of 28 cents per share, missing the expected loss of 27 cents. The company attributes its strong performance to Routejade and U.S. Army shipments. Enovix ended the quarter with $306.8 million in cash and investments, and aims to become a scale supplier with significant revenue and margins. For Q1, Enovix forecasts revenue between $3.5 million and $4.5 million, below estimates, and anticipates a larger loss per share than expected. Shares rose 5.94% after hours to $12.48.
February 20, 2024 | 9:43 pm
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Enovix reported higher than expected Q4 revenue but missed EPS estimates. Q1 revenue forecast is below expectations, but shares rose 5.94% after hours.
The positive after-hours stock movement suggests investor optimism despite the mixed earnings report. The significant beat on Q4 revenue expectations likely contributed to the positive sentiment, overshadowing the EPS miss and cautious Q1 outlook. However, the forecasted lower Q1 revenue and higher expected loss per share indicate potential challenges ahead, which could temper long-term investor enthusiasm.
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